By Lee Hyo-sik
Staff Reporter

Jeju ― Finance ministers and other delegates from 43 member economies of the Asia-Europe Meeting (ASEM) had a day of fun today before heading home, following their four-day stay on this scenic southern resort island of Jeju.

They enjoyed the beautifully designed ``bunjae'' plants at the Spirited Garden. In Seogwipo Natural Recreation Forest, they had a chance to experience Korean traditional arts of ceremonial tea making and time to appreciate the exquisite taste of Korean tea.

It was a great opportunity for the general delegates to enjoy time at the Spirited Garden and sightsee the beautiful landscape of Jeju from Oedolgae.

Before the day of retreat, however, they had a series of intense discussions on a range of issues and met with other delegates to exchange views on mutual interests and build a greater human network.

Concluding the Jeju meeting, ASEM finance ministers reached a consensus on main agenda items ― joint policy responses to global economic conditions, Europe's economic integration and its implications for Asia, infrastructure finance and microfinance, market-oriented approaches toward climate change, and a cooperative partnership between Asia and Europe.

Regarding current global economic conditions, ministers shared concern over downward risks, including a U.S. economic downturn, international financial market instability and rising inflationary pressure across the globe. In particular, they were extremely worried about soaring oil and food prices, which threaten stable global economic growth by reducing corporate investment and consumption.

Ministers understood international cooperation was essential to responding to these concerns. As part of global coordination, they agreed that there should be more investment in the agriculture and energy sectors, and market openness has to be maintained.

They also discussed the significance of dialogue between oil-producing and importing countries, along with the need for investment expansion to raise oil-producing countries' production capacity.

ASEM Finance ministers shared their views that Europe's economic integration process was gradual and practical, and Asia can learn from the European experience to intensify regional economic cooperation.

They all agreed the efforts to multilateralize the ``Chiang Mai Initiative (CMI)'' will provide new momentum for Asian integration. Participants also showed their expectation that financial integration would raise regional financial stability, leading to a reduction in economic uncertainties.

As for infrastructure finance in the region, ministers recognized that infrastructure development plays an essential role for economic growth and social development. They agreed a better Public-Private-Partnership (PPP) will promote infrastructure development in Asia and Europe.

To this end, ministers agreed on the importance of information sharing and capacity building at ASEM level, welcoming the ``Jeju Initiative,'' suggested by South Korea.

Through the Jeju Initiative, ASEM members will initiate various programs including information and knowledge sharing, education and training programs, technology assistance and expert exchanges.

Concerning the issue of microfinancing, ministers agreed that this was an effective method to achieve social cohesion and eliminate poverty in developed and developing countries. They reached an agreement to make more efforts to enhance microfinance-friendly legal and regulatory systems.

In an effort to deal with global warming in a more effective and coordinated manner, participants agreed that a market-based policy was a cost-effective way to cope with climate change. They also agreed that ASEM member countries have to work hard for climate change adaptation.

Ministers expressed their intention to support negotiations for a post-2012 arrangement, which is the follow-up of the Kyoto Protocol.

In a bid to build a stronger partnership between Europe and Asia, ministers recognized the growing interdependence of the economies and the increasing importance of dialogue and cooperation between the two.

In this regard, ministers welcomed the continued efforts to deepen the cooperative relations between Asia and Europe, including the establishment of the ASEM Dialogue Facility and the ASEM Conference, which was held as part of the Finance Ministers' Meeting.

They are satisfied that the current ASEM Finance Ministers' Meeting process, which consists of a biennial ministerial meeting and annual deputies' meetings, because it enables a more efficient and effective approach to the agenda through a predetermined timetable.

Ministers agreed that the 9th ASEM Finance Ministers' Meeting will be held under the chairmanship of Spain in 2010. Also, the European nation will hold the next Deputies' Meetings in 2009 and 2010, respectively.

leehs@koreatimes.co.kr